Houston-based LNG player, Cheniere Energy, on Thursday informed its board of directors named Jack A. Fusco as the company’s president and CEO with immediate effect.
Fusco replaces Neal A. Shear, who served as Cheniere’s interim president and CEO since December 2015, when the company parted ways with Charif Souki, the company’s statement reveals.
“Shear will continue to serve on the Board of Directors and will be a special advisor to the CEO, ensuring an orderly transition,” Andrea Botta, chairman of Cheniere’s board said.
The newly named CEO, who has over 30 years of experience in the energy industry, joins Cheniere from Calpine Corporation where he served as executive chairman of the board of directors.
He served as CEO and a member of the board of directors of Calpine from August 2008 to May 2014 and as executive chairman from May 2014 through May 11, 2016.
Cheniere has granted one-time employee inducement awards of 236,381 restricted shares to Fusco as of May 12, 2016.
Under the employment agreement with the company, Fusco has agreed to purchase US$10,000,000 worth of Cheniere’s common shares by no later than December 31, 2016.
LNG World News Staff